Turkish Property Trends in 2023

Turkish Property Trends in 2023

1. Istanbul’s Housing Market Dominated by Old Housing Stock:

  • The rising dollar exchange rate and construction costs hinder new housing supply, shifting demand towards the secondary market.
  • 7 out of 10 apartments sold in Istanbul are second-hand.

2. Housing Prices Remain High:

  • The average price of a residential property in December 2023 exceeded 3 million Turkish Liras.
  • An individual earning the minimum wage would need to pay for 17 years to afford a home.

3. Shrinking Living Spaces:

  • The average living space is 113 square meters, with larger homes found towards the east.
  • Istanbul and Aegean residents live in smaller apartments with fewer rooms.
  • 82.6% of Istanbul residents find their current living space inadequate.

4. Land as an Alternative Investment:

  • Rising property prices push buyers towards purchasing land.
  • 2023 saw record land sales in Turkey, surpassing non-residential property sales.

5. Hotspots for Land Investment:

  • Highest land sales in the Marmara and Aegean regions.
  • Most attractive areas for land investment: Catalca (Istanbul), Canakkale, Urla (Izmir), Cesme (Izmir), Seferihisar (Izmir), and Menderes (Izmir).
  • Land prices are increasing in these popular areas.

The Turkish property market in 2023 is characterized by high prices, limited new housing supply, and a growing preference for land as an alternative investment. Istanbul’s housing market is dominated by old housing stock, while the average living space continues to shrink. Land investment is gaining traction, with the Marmara and Aegean regions being the most attractive areas. However, rising popularity also leads to increasing land prices in these regions.

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